FTA with UK expected to raise plastic products exports

With the India-UK FTA striking out import duties of up to 6% on all Indian plastic products, the Plastics Export Promotion Council (PLEXCONCIL) anticipates a significant boost to the country’s plastic exports to the UK. The projections indicate a near doubling of exports to approximately $800 million by 2027-28. Currently, the UK stands as India’s fourth-largest destination for plastic exports. Over the last five years, India’s plastic exports to the UK have grown at a steady compounded annual growth rate (CAGR) of 7.5%. The Chairman of PLEXCONCIL said that the FTA is a landmark development that places Indian exporters on equal footing with EU suppliers, who previously enjoyed zero-duty access, as per a report.

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